Yup. Bill Ackman, 2020. The Covid-shit year.
There will always be those -albeit few-who make more money than God when the economy goes to shit.
“In the space of three weeks, as Covid-19 was engulfing the globe, Ackman turned a $27 MM premium paid to buy credit default sweeps into a profit of $2.6 Billion. He then reinvested a chunk of that windfall in the long-term positions he wanted to protect by buying the insurance in the first place. Ackman made another $1 Bn.”
WSJ, Sept. 29, 2020 (William D. Cohan)
On an IRR basis, Ackman’s trade is the Greatest Trade of All Time: 100 X his money in 10 days.
In July, Ackman raised the largest SPAC with $4 Bn as we have already pointed in this blog.
“In typical Ackman fashion, he also tried -and failed- to use the SPAC to buy Airbnb and Stripe. Another perfect fit for his SPAC, from his perspective, would be Bloomberg.”
WSJ
Even 28-years are becoming billionaires today.
Covid-19 making riches faster than the speed of light.